NASCAR: Charlotte city officials propose deal to waive debts on Hall of Fame

2 Comments
source: Getty Images
The NASCAR Hall of Fame has been open since 2010. Photo: Getty Images.

The NASCAR Hall of Fame has struggled to make money and bring in solid crowds since its 2010 opening in Charlotte, North Carolina. Now, the city has proposed a new deal to help get out of obligations that it owes on the building.

As part of the deal, the city would make a payment of $5 million to Wells Fargo and Bank of America on construction loans. This sum would come from a 2 percent hotel tax that was implemented during the Hall’s early development.

The banks would then forgive the remainder of a $19 million loan, and NASCAR itself would waive $3.2 million in royalties that it has not yet received due to the Hall’s financial struggles.

NASCAR would also see its future royalty payments reduced from 10 percent of Hall revenues to 3 percent of revenues in excess of more than $10 million.

Additionally, the Charlotte Regional Visitors Authority, operators of the Hall, would give each bank five years of Hall sponsorship, valued at $250,000 annually.

The Charlotte city council is expected to vote on the deal next Monday.

Deputy City Manager Ron Kimble said to the Charlotte Observer that the goal was to “bring the Hall into a break-even position,” but the Observer’s Steve Harrison reports that the Hall is still expected to lose money in future years even if the proposal goes through.

Adding to the difficult situation, NBC Charlotte (WCNC-TV) reports that members of the council are mixed on the proposal and whether or not the Hall can survive on its own even if the debt is paid off.

The Hall was expected to bring in 400,000 visitors annually, but last year, it only attracted 170,000 visitors. It has also lost more than $1 million per year since opening its doors, and corporate sponsorships that it expected to sell and use to pay off the bank loans have not come to fruition often enough.

A second, $20 million loan was also used to help build the Hall in addition to the aforementioned one. This loan involves the sale of public land near the Hall.

The Observer report notes that the city has already sold one part of the land and also has a contract of nearly $10 million in place to sell another part. It expects to eventually pay off this loan in full.

Marvin Musquin to miss entire 2020 Supercross season

Feld Entertainment Inc
Leave a comment

On Friday, Marvin Musquin announced on Instagram he will miss the entire 2020 Supercross season with a knee injury.

The injury was sustained earlier this week in a practice crash at the KTM test track when he overjumped an obstacle and landed hard.

It’s “not the kind of news I’m excited to share with you guys,” Musquin wrote. “I was really happy to be back on the bike riding after being injured at the end of the Motocross season and starting to train for Supercross. Unfortunately, I had an incident at the KTM test track and ultimately over-jumped a jump that had a very big impact on my legs when I landed, injuring my left knee.”

I had it evaluated by several doctors and it was determined that my knee required surgery. It’s devastating news to me as I was really looking forward to racing Supercross, but I will take the time needed to recover properly with my main focus being to return when I am strong enough to win races.”

Last year, Musquin sustained another knee injury in November that threatened his 2019 Supercross season. He was able to ride in the Anaheim 1 event and finished in the top 10. Musquin improved throughout the season, winning two races and finishing third in the points after making a determined charge.

Musquin missed the 2011 and 2014 Supercross seasons with ACL injuries.

View this post on Instagram

Not the kind of news I’m excited to share with you guys… I was really happy to be back on the bike riding after being injured at the end of the Motocross season and starting to train for Supercross. Unfortunately, I had an incident at the KTM test track and ultimately over-jumped a jump that had a very big impact on my legs when I landed, injuring my left knee. I had it evaluated by several doctors and it was determined that my knee required surgery. It’s devastating news to me as I was really looking forward to racing Supercross, but I will take the time needed to recover properly with my main focus being to return when I am strong enough to win races. A big thanks to my team @ktmusa for supporting me in this tough time. I feel terribly sorry for them and all my sponsors for not being able to represent them on the track for the 2020 AMA SX season. But we will be back 👊🏼

A post shared by #Marvin Musquin #25 (@marvinmusquin25) on